California Rejects Billionaire Tax

What happened

California voters rejected Proposition 40, a proposed billionaire wealth tax, by roughly 53% to 47%, with the result called Monday after nearly a week of counting.
The measure would have imposed a one-time 5% tax on billionaires’ wealth, directing most revenue to healthcare and some to education and food assistance.
Sen. Bernie Sanders backed the tax, while Gov. Gavin Newsom opposed it, warning that it would drive wealthy residents and their tax dollars out of California.
Opponents raised roughly 10 times as much as supporters, with Google co-founder Sergey Brin alone contributing more than $100 million to help defeat the measure.
Votes were still being counted on Proposition 42, a separate measure that would restrict California’s ability to impose future taxes on personal property.

How the left told it

Left-leaning outlets emphasized billionaire-funded opposition, lost healthcare funding and divisions among Democrats. HuffPost described a “flood of negative advertising” bankrolled by wealthy residents; The New York Times highlighted supporters’ weak coalition, while The Guardian said the defeat could hamper the broader movement to tax extreme wealth.

How the right told it

Right-leaning outlets largely framed the defeat as a setback for wealth-tax advocates, highlighting warnings that billionaires would leave California. The New York Post called it a “setback for progressive agenda,” while the Washington Examiner described it as “dashing liberal dreams.” The Washington Times emphasized Democratic opposition and concerns about economic harm.

California Rejects Billionaire Tax

What happened

How the left told it

How the right told it

Prop 40 Wealth Tax Fight

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